Wednesday, January 11, 2012
The Portland Seed Fund is about to close on a financing round worth nearly $1 million, bringing the total investment to nearly $3 million.
The Portland Development Commission will vote this afternoon whether to approve a $200,000 grant to the fund, bringing its total investment in the experiment to nearly $750,000.
The vote is largely a matter of procedure; the money has already been allocated. The state of Oregon, the city of Hillsboro and 21 area angel investors have also contributed to the fund to date, bringing its balance to nearly $3 million, said Angela Jackson, who manages it with Jim Huston through their investment firm Bridge City Ventures.
The Portland Seed Fund invests $25,000 into a handful of promising startups and advises them for three months. Applications for its second class were due Monday, and fund managers will narrow down the finalists within weeks. Jackson declined to say how many startups applied.
Read more at OregonLive.com.
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